21世纪经济报道记者杨娜娜 2025年，市场在结构性行情与频繁的风格轮动中走向收官。 11月以来，市场未能延续前期单边上行态势，转而进入震荡调整阶段。截至11月28日，11月份主要宽基 指数普遍收跌，科创板指回调超4%，深证成指跌2.95%，上证指数也在触及十年新高后回落，月度收跌 1.67%。 但私募行业整体在年内交出了一份不错的成绩单。根据私募排排网数据，截至2025年11月底，在有业绩 记录的12415只私募证券产品中，正收益占比达90.66%，整体平均收益为22.61%。在亮眼的平均表现之 下，不同策略、不同规模管理人之间的业绩出现了巨大分化。量化多头以超36%的平均收益成为年 度"黑马"，主观多头则展现出极强的头部爆发力。百亿私募阵营中，量化机构以显著优势领跑。 市场情绪明显降温下，头部私募的操作也同步趋向防御与结构优化。展望2026年，机构们在能源革 命、"反内卷"政策与全球化机遇中寻找新一轮共识。这背后不仅折射出当前市场的复杂心态，也暗含了 私募对下一阶段布局的前瞻性思考，成为观察市场资金逻辑与未来预期转换的关键窗口。 盛宴下的业绩分化 2025年的结构性牛市，为不同策略提供了差异化的表演舞台， ...

Group 1 - The global connected vehicle market is expected to grow to 77 million units by 2030, with a penetration rate of 85%, and 95% of new connected vehicles will have OTA upgrade capabilities focusing on cockpit and intelligent driving [1] - The OTA upgrade strategy of automakers is shifting from rapid iteration to a more stable pace, with some companies maintaining a bi-weekly software version upgrade frequency until the second half of 2024, but a noticeable slowdown in upgrade frequency is anticipated by mid-2025 [1] - Automakers are now required to integrate software versions and submit complete software packages and functional descriptions to regulatory authorities after each OTA upgrade, indicating a trend towards industry maturity [1] Group 2 - The three-electric system is transitioning from single performance competition to system integration capabilities, with Chinese manufacturers moving towards high integration, evolving from a 3-in-1 system to a 12-in-1 system, which enhances power density and efficiency while reducing manufacturing and maintenance costs [2] - The Chinese automotive market is undergoing a deep adjustment, with a significant decline in overall capacity due to the exit of many new car manufacturers, although capacity utilization is expected to return to a healthy level of 80% with the growth of export markets and recovery in domestic consumption [2] - Chinese automakers are facing a unique global opportunity window, where breakthroughs in electric drive and charging integration, localized overseas production, and differentiated cockpit services will determine their position in the next round of global automotive industry division [3]